Has Provincial OFDI under the “Belt and Road” Initiative Promoted Technological Innovation Efficiency?—Empirical Study Based on China Global Investment Tracker

Abstract

Abstract: This paper explores the technology spillover effect of outward foreign investment (OFDI) under the Belt and Road Initiative on Chinese provinces. Using the provincial OFDI data manually generated from China Global Investment Tracker and DEA-Malmquist indicators, we test the causal effect and mechanism behind OFDI under the Initiative on technology growth and technical efficiency, the two main invention drivers. Results show that under the Initiative, OFDI promotes technical efficiency, weakens technology growth, and structurally changes the way of provincial innovation. Specifically, technological growth in eastern provinces declines significantly, while western provinces benefit mainly from the promotion of technical efficiency. Although the Initiative promotes provincial industrial upgrading, fast economic restructuring couldn’t simultaneously enhance technological growth and improve technical efficiency. Based on factor allocation effect, provincial human capital grows significantly, reaching the threshold of technological absorption, and promotes technological innovation. Lack of R&D expenses seriously hinders technology growth. This paper provides empirical evidence and policy implications for provinces to effectively participate in the Initiative.

Key words: Belt and Road Initiative, outward foreign direct investment, technical efficiency, technological growth, moderating effect

Liu Zhidong, Hui Shimeng, Jing Zhongbo. Has Provincial OFDI under the “Belt and Road” Initiative Promoted Technological Innovation Efficiency?—Empirical Study Based on China Global Investment Tracker[J]. Management Review, 2025, 37(2): 97-110.

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